EU priorities at the G20 summit - 31/10/2011

The EU will call on the world’s major economies to adopt a plan for restoring global growth, reforming financial markets and boosting international trade.

All countries need to contribute to the plan, the EU will say at the G20 meeting, being held in Cannes, France, on 3 and 4 November.

The bloc has led the way by coordinating its response to the economic crisis and the debt problems affecting some of its member countries.

Now it will call on G20 countries to encourage growth and tackle economic imbalances by reforming their budgets, strengthening their domestic economies and bringing their currency exchange rates to fairer levels.

The G20 should speed up reforms to their financial markets. Priorities include better regulation of derivatives trading and reducing the risk of bank failures.

And further measures are needed to better regulate the world’s major financial firms and banking-style activities performed by investment companies, insurers and others.

Agreement on a single set of global accounting standards would enable regulators to monitor multinational companies more effectively.

More resources for the International Monetary Fund would help it give better support to countries in economic difficulty.

At the meeting, the EU will also present a proposal for a global financial transaction tax. The proposal would aim to ensure that the financial sector makes a fair contribution to society.

More trade, less protectionism

Boosting trade is the most effective way to support global growth and job creation. However, many countries are keeping protectionist measures in place, giving their industry an unfair advantage over others.

The EU will advocate more negotiations through the World Trade Organisation to remove such barriers, particularly those that hamper the world's least-developed countries.

Countries also need to ensure a global market and open trading system for raw materials that is fair, sustainable and transparent.

Coordination of global economic policy should focus on employment and poverty reduction. Countries should follow through on their commitments on development aid, food security and climate change.

Commission president José Manuel Barroso and European Council president Herman Van Rompuy will represent the EU in Cannes.